World Bank: Egypt’s GDP growth to reach 5.6 percent in 2002

According to a recently published report by the World Bank, Egypt’s GDP growth rate would most likely hit 5.6 percent in 2002, and 5.9 percent by 2005 if the Egyptian government undertakes several str

According to a recently published report by the World Bank, Egypt’s GDP growth rate would most likely hit 5.6 percent in 2002, and 5.9 percent by 2005 if the Egyptian government undertakes several strategic actions set forth by the bank, including ensuring economic stability, implementing steps to boost productivity and boosting exports.

The bank also predicted that in the best-case scenario, this rate would reach 6.9 percent in 2002, and 7.8 percent in 2005. On the other hand, if economic conditions shift downward, the bank maintained, the GDP growth rate might dip to 3.3 percent in 2002, and to 3.1 percent in 2005.

Furthermore, forecasts for the nation’s overall fiscal deficit stand at 4.3 percent of the GDP in the most likely case for 2002, and 3.9 percent in 2005. This figure reaches 2.7 percent in the best-case scenario in 2002, and two percent for 2005, while in the worst-case scenario, these figures would reach 4.6 percent for 2002 and 4.4 percent in 2005. — (Mena Report)